Punjab govt greenlights Rs100bn Nawaz Sharif Innovation City

The Punjab government has officially sanctioned the ambitious ‘Nawaz Sharif Innovation City’ in Lahore, pledging a whopping Rs 100 billion to the initiative expected to create a million job opportunities.

According to media reports, this groundbreaking project promises to revolutionise Lahore, potentially turning it into the driving force of the province’s economy. 

The project, which had been on hold since the tenure of former Chief Minister Shehbaz Sharif, is now gaining momentum. 

The Lahore Knowledge Park Company, which was previously managing the project, has passed the baton to the Punjab Central Business District Development Authority, and the project has been rebranded as ‘Nawaz Sharif Innovation City’.

Chief Minister Maryam Nawaz Sharif has granted her approval and allocated Rs10 billion as initial funding.

The innovation city is designed to be a multifaceted hub with distinct zones dedicated to IT, education, film, and residential and commercial activities. 

The IT zone will be a sprawling 200-acre district, poised to become the nation’s first major IT and technology center, complete with cutting-edge facilities to nurture IT product development and services. 

It aims to attract leading IT corporations and prestigious global educational institutions.

The education zone will focus on forging partnerships with international universities to enhance the quality of education and research. 

Meanwhile, the film zone is set to house modern studios and production facilities, creating a vibrant entertainment ecosystem.

The residential and commercial zone will offer contemporary living spaces and amenities, supported by a robust infrastructure that includes roads, water, and sewage systems, as well as parks and green areas.

Additionally, the project will feature special economic zones with a decade-long tax holiday. It is expected to draw in investments worth Rs 400 billion through public-private partnerships and joint ventures.